‎“Bank Al Bilad” profits up to SR2.08 bln during 2022, by 23%‎

The net profit of Bank Albilad rose to 2.08 billion riyals during the year 2022 AD, compared to 1.68 billion riyals during the year before last, by 23%. This came after the announcement today of the financial results for the period ending on 12-31-2022 (12 months).

The total operational profit during the current period amounted to 5.19 billion riyals, compared to 4.58 billion riyals during the same period of the year before the previous, with a growth of 13%.

As for the net income from special commissions / financing and investments during the current period, it amounted to 3.88 billion riyals, compared to 3.48 billion riyals during the same period of the year before the previous, an increase of 11%.

Earnings per share during the current period amounted to 2.09 riyals, compared to 1.69 riyals during the same period of the previous year.

The reason for the increase in net profit during this year compared to the previous year is due to the increase in total operating income by 13%, as a result of the increase in net income from investment and financing assets, other operating income, foreign currency exchange gains, net investment gains / (losses) and dividends Offset by a decrease in net income from fees and commissions.

On the other hand, the total operating expenses increased by 6%, as a result of the increase in other general and administrative expenses, salaries expenses and the like, depreciation and amortization, offset by a decrease in the provision for expected credit losses.

Earnings per share for the years ending on December 31, 2022 and December 31, 2021 were calculated by dividing the net income for the year after zakat by the weighted average number of shares outstanding, after excluding treasury shares, which is 996 million shares, to retroactively reflect the effect of changing the number of shares as a result of Issuance of bonus shares.